Business groups welcomed the results of Monday’s election, saying they are looking forward to working with Prime Minister Stephen Harper’s government.

While some business leaders may have been privately apprehensive at the prospect of a result that could have shaken up Canada’s economic policies, the Conservative majority government means there is unlikely to be a major change in direction.

Some groups, like the Canadian Federation of Independent Business, are looking forward to the Conservatives making good on some of their election promises.

“The CFIB looks forward to the reintroduction of many of the 2011 budget measures that were targeted at small business, including the EI Hiring Credit and various red tape reductions,” it said. “We look forward to continuing to work with the Prime Minister, his Cabinet and all Members of Parliament on small business issues.”
However, the CFIB also liked some of the campaign promises made by other parties.

“As there were elements of many platforms that were positive for small business – such as the NDP’s suggestion for a reduction in the small business corporate tax rate – CFIB will continue to hold all parties to the commitments they made to entrepreneurs throughout the campaign.”

The Canadian Chamber of Commerce also called on the Conservatives to now deliver on the promises they made business.

“The Canadian Chamber is calling on the government to move forward with a strong pro-growth strategy that will focus on jobs, productivity, strengthening the recovery and international trade. It is now time for politicians to get back to Ottawa and deliver for businesses all across the country. We have come far from the depths of the recession, but a lot still has to be done to ensure Canada remains competitive.”

The Canadian Association of Petroleum Producers welcomed the fact the Conservatives were returned with a majority.

“A majority government provides greater stability and predictability in government policy, enhancing investor confidence in the Canadian oil and gas sector. We have worked with the Conservative government for several
years and hope to move forward with policy initiatives that are important for our industry and Canadians.”

The association said the oil and gas industry is the largest product selling industry in the
Canadian economy, generating some $115 billion in annual revenue, $20 billion in public revenues, and a forecasted $44 billion of capital investment in 2011.

Canada’s big banks are also planning to work with Harper’s new majority government.

“The banking industry looks forward to working co-operatively with Canada’s new Parliament to ensure that Canada’s banking system remains strong, stable and secure,” said Terry Campbell, president and CEO of the Canadian Bankers Association. “A strong banking system is critical to growing our economy and helping Canadian families and businesses in communities across the country to prosper.”

Avrim Lazar, president and CEO of the Forest Products Association of Canada, also welcomed the result.

“FPAC and the Conservative government have always enjoyed a productive working relationship and we look forward to continue partnering with the government to develop smart and strategic ways to help them transform the forest products industry.”

Retired Colonel Alain Pellerin, executive director of the Conference of Defence Associations, a pro-defence advocacy group, said it is important for the Canadian Forces to have the right equipment and he hopes the new Conservative government will fulfill its election promise of investing in the armed forces and strengthening them.

“The Conservatives have made significant and much needed investments in defence. As recent events prove, there remains the real need to continue to make these investments in order to rebuild the Forces, particularly in terms of equipment, to provide for our security.”

Pellerin said he expects the Conservatives to invest in search-and-rescue aircraft, naval vessels, a replacement for the CF-18 fighter jets and to replace equipment damaged in combat in Afghanistan.